Demand for bio-based succinic acid is growing because of the multiple utilities of the product. The Bio-based succinic acid market has been growing at a CAGR of 39% between 2014 and 2020. The market value is expected to increase by 30% in the coming years. Recognizing the potential offered by bio-based succinic acid, the United States Department of Energy (DOE) has placed it among the leading 12 chemicals derived from biomass that can be used as a crucial building block in the production of commodity, as well as in specialty chemicals.
Succinic acid constitutes an important intermediate chemical that finds application as a building block substance in the production of a variety of specialty and commodity chemicals, which are further utilized for an extensive array of applications, such as polymers, food, metals, pharmaceuticals, coatings, fibers, solvents, lubricating oils, diesel fuel oxygenates and cosmetics, among others. Succinic acid was earlier exclusively derived from petroleum but, current manufacturing procedures have commenced making use of renewable feedstock for deriving this vital platform chemical. This biological method of obtaining succinic acid is renewable, cost effective and eco-friendly and has a greater demand in the market.
Major factors that are expected to propel demand for bio-based succinic acids include a greater requirement for sustainable processes, increasing concerns related to the environment and cutting down our reliance on oil due to the fast depletion of fossil fuel reserves. Other market drivers include low cost and prospects offered in a wide range of applications, such as 1,4-butanediol, plasticizers, polyurethanes and thermoplastics. Combining succinic acids with 1,4-butanediol results in opening up innovative applications for green biopolymers, such as polybutylene succinate (PBS) in biodegradable packaging films and disposable cutlery. While Europe and North America hold the two largest market shares for Bio-Based Succinic acid, the growth is expected to be the fastest from Asia-Pacific because of the rapidly expanding markets of countries such as China and India.
The market is segmented based on application ( 1,4-Butanediol & Derivatives, Cosmetics, De-Icer Solutions, Food, Pharmaceuticals, Plasticizers, Polyurethanes, Resins, Coatings, Pigments, Dyes & Inks, Solvents & Lubricants and Other Applications ) and geography (North America, Europe, Asia-Pacific, Middle East & Africa and South America). Some of the key players in the market are Anqing Hexing Chemicals Ltd, BASF, Bio Amber Inc., DSM NV, Myraint Corp.
The requirement for sustainable processes and increasing concerns and awareness of environment and fast depleting fossil fuel reserves are drivers of the market. Other market drivers include low cost and used of the chemical in a wide range of applications.
Higher Price of Bio-based succinic acid and a lengthy extraction process are the constraints in the market.
What the report offers?
1) Market Definition for the specified topic along with identification of key drivers and restraints for the market.
2) Market analysis for the Global Bio-Based Succinic Acid market with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
5)Identification and analysis of the Macro and Micro factors that affect the Global Bio-Based Succinic Acid Market on both global and regional scale.
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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